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Several of my friends and I have discussed the same topic and In lieu of the perfect sized carbine and backpack, neither exists, I have settled on an ar or ak pistol. I like the keltec plr 16 or the su16's in a foldable carbine rifle. The plr 16 is a gas piston, and while I'm not really a ar piston fan, for concealment, lack of the buffer tube is desirable.

It's not an ar compatible gun but the price is cheaper $450 vs$700-800 for an ar pistol. And no buffer tube sticking out. Use still can use pmags and 5.56 NATO.